BoI Mortgage Holiday

Smiley11

Just wondering if anybody has actually succeeded in their application for this? I applied for a 2 month break to do work on my house in order to sell it & in doing so would be ending my tracker mortgage with them. I was refused & attached was a threat/warning "Appendix" about the repercussions of missing payments, which I never have.

I know a couple of other people who were also refused when they also had valid reasons for applying so I'm just wondering is it merely a marketing ploy where they pretend to be your "friend"?

Atlantic Dawn

Is there an official policy of mortgage holiday available?

Smiley11

There is. According to leaflets they issued with mortgage statements, borrowers can avail of up to 3 months break from mortgage repayments.
I rang BoI Mortgages initially & was told that applications can only be made on a form which has to be gotten in a branch - unusual in this paperless era & especially unusual as they tend to discourage customers from physically going into branches. When I went to the branch, they hadn't a notion what I was asking for & after two staff ran around like headless chickens for five minutes, I was given a two page application form.
I made my application & then waited just over a month for a response, which was the aforementioned. I think it may be a facility that is extremely difficult to avail of despite their encouraging marketing material. Tick the box to keep the regulators happy exercise I'd imagine.

Fiskar

PTSB used offer a 3 month mortgage holiday, seems very unreasonable of BOI

Smiley11

Yes it does! As far as I recall this pamphlet advertised it as a means of heading off on an extended holiday for example (I'm open to correction on that), so I would have thought approving an application that would clear one of their dreaded tracker mortgages would be of far greater benefit to the bank than me in the long run. As it stands now I can't put my house on the market because I just can't scrape the money together to do the work so I'm fed up & they have my tracker mortgage for another 18 years unless I win 2k!

havana

I applied for a 4 month break as I was on Maternity leave and not receiving payment from work. I was given 3 months break and 1 month interest only.

Smiley11

I'm glad to see that they gave it to you for that reason as I may need to reapply for the same reason myself next year if I still have this mortgage on a reduced salary! Just out of interest havana, how long did it take them to respond to your application?